Deal traded at a 5% cap rate
Dmitry Volkov’s Real Estate Discovery Ventures has acquired 2857 West 8th Street from Steven Samuels for $23 million. The two-story commercial property is located in West Brighton on the border of Coney Island.
Be Smart: With an excellent roster of tenants, the building provides steady cash flow at around a 5% cap rate.
Tenants include: Blink Fitness, Verizon Wireless, Dollar Tree, New York City Human Resources, and NYU Langone.
Dig Deeper: The newly renovated building spans 31,069 SF on the ground floor, plus 21,233 SF on the second floor. Another 12,000 SF can be be added to the second floor by renovating a currently unused mezzanine space.